Taxes on winnings, who here really plans on paying them???

[mooks]

Well, I got a pretty straight forward question here. For anyone here who makes say... over 10k a year in winnings, how many of you plan on paying taxes on that?

And if you do pay taxes, what percentage will you claim that you have made... the full amount, half of that?

Are you worried about not paying? Should I be worried about not paying?

People i'd really love to hear responses from are: stripsqueez, schneids, natethegreat, ulysess, apocolypse.... I know you guys make a lot, just wondering how you guys deal with it all. thanks

mooks

[FrankLu99]

uhoh

[Schneids]

I declare and pay quarterly estimated taxes, and am pretty accurate in my record keeping and reporting.

[Zele]

Pay your taxes.

Also, I'm not a lawyer, but I believe it would be illegal for any American citizen on this board to advise you otherwise.

[TomCollins]

Can you give me more specifics about what you do? My poker income should outweigh my non-poker income by a lot this year.

[TrickyTree]

Move to the UK all poker players pay no tax as its gambling winnings (they are non taxable).

[soda]

FWIW - I pay taxes on all of it. Under-reporting is not good if you are caught, at least in the US.

soda

[Ulysses]

I report and pay taxes on all of my online winnings.

[felson]

I make it a point to lose at poker so that I don't have to report my winnings.

Wait, I think I have to report my winning sessions anyway. Crap.

[tripdad]

just won a big tourney, eh? well, there's no way to get around it unless you don't mind golfing with Dan Rostenkowski(he's still alive, right? if not, no offense intended.) or baking cookies with Martha Stewart. gotta pay, baby! i guess you could let it ride on black at the roulette wheel. if you lose, you offset your winnings. if you win, you win enough to pay for your tax burden!

oh by the way, are you employed by the government of the United States of America? if so, you must answer honestly, you know.

cheers!